United States released yesterday it’s final GDP for Q1 of 2016 and it showed a slow but improvement from 0.8% to 1.1%. The forecast was placed on 1.0% and it should be noted that in last three quarters’ publication we have been seeing a bullish bias pattern and that’s why the US dollar doesn’t have major reaction after the reading goes live. However, that could allow the USD pairs to correct recent hikes/declines made during the post-brexit’s price action.
The technical overview after US GDP for EUR/USD shows a triangle pattern formation at H1 chart, in favor of the bearish side. Next major resistance is placed around the 1.1166 level, while the support lies around the 1.0975 level. This pattern should decide further steps for the pair, after the sharp decline during last Friday. Moving averages on this timeframe are favoring for the downside. A bullish scenario should be possible after a consolidation above the 200 SMA.
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Origin: FX BAZOOKA
